Regulation
Sygnum Client Assets Hit $4.5 Billion Amid Institutional Crypto Boom
Switzerland-based digital banking group Sygnum announced today (Thursday) that it achieved profitability in the first half of 2024. This was driven by strong growth in its core business segments. The company also revealed plans to expand into the European Union market in early 2025.
THE
cryptocurrency focused bank has seen substantial increases in trading volumes and lending activity compared to the same period last year. Spot cryptocurrency trading volumes doubled, while derivatives trading increased by 500%. The company’s lending business saw lending volumes increase by more than 360%, with the number of customers using Lombard loans nearly doubling.
Sygnum’s client assets under management have grown to approximately $4.5 billion, supported by a client base approaching 2,000 institutional and professional investors. The firm’s workforce has expanded to over 250 employees globally.
Martin Burgherr, Head of Clients at Sygnum
Martin Burgherr, Sygnum Account Managerattributed the growth in part to increased institutional demand following the approval of Bitcoin and Ethereum ETFs earlier this year.
“The approval and launch of the Bitcoin and Ethereum ETFs were a watershed moment for the cryptocurrency industry this year, driving a significant increase in demand for trusted, regulated exposure to digital assets,” Burgherr said. “This is also reflected in Sygnum’s growth, with our core business areas seeing significant YTD gains in the first half.”
Crypto Bank Plans EU Expansion Amid Market Recovery
Additionally, Sygnum announced plans to expand its regulated footprint in the European Union. The company aims to open a new office and obtain additional licenses in the first quarter of 2025, positioning itself to conformity with the upcoming Regulation on Cryptocurrency Markets (Not).
“Sygnum has been active in Europe since launch and has been licensed in Luxembourg since 2022, one of the world’s leading fund hubs,” the company said. “In Q1 2025, Sygnum will significantly expand its regulated presence with a new office and licenses in the world’s largest single market.”
In recent years, Sygnum has also placed a strong emphasis on obtaining a license in Singapore. It has announced these plans since 2019. Due to the lengthy regulatory process, it took several years, but last October the digital bank has finally obtained a full license for cryptocurrency brokerage services.
Sygnum also highlighted the growth of its B2B partnerships, which now serve over 20 banks and financial institutions that collectively provide access to cryptocurrency trading to over a third of the Swiss population. The company processes over 1,000 transactions per day through these partnerships, with nearly all transactions executed through direct processing.
The bank’s recent $40 million funding round, which valued the company at $900 million, strengthened its core equity capital to over $125 million. Previously, the company raised $90 million in a Series B funding round.
Sygnum plans to leverage this capital to expand its traditional securities offering and grow its Sygnum Connect network, aimed at enhancing the global cryptocurrency ecosystem.
connectivity .
Switzerland-based digital banking group Sygnum announced today (Thursday) that it achieved profitability in the first half of 2024. This was driven by strong growth in its core business segments. The company also revealed plans to expand into the European Union market in early 2025.
THE
cryptocurrency focused bank has seen substantial increases in trading volumes and lending activity compared to the same period last year. Spot cryptocurrency trading volumes doubled, while derivatives trading increased by 500%. The company’s lending business saw lending volumes increase by more than 360%, with the number of customers using Lombard loans nearly doubling.
Sygnum’s client assets under management have grown to approximately $4.5 billion, supported by a client base approaching 2,000 institutional and professional investors. The firm’s workforce has expanded to over 250 employees globally.
Martin Burgherr, Head of Clients at Sygnum
Martin Burgherr, Sygnum Account Managerattributed the growth in part to increased institutional demand following the approval of Bitcoin and Ethereum ETFs earlier this year.
“The approval and launch of the Bitcoin and Ethereum ETFs were a watershed moment for the cryptocurrency industry this year, driving a significant increase in demand for trusted, regulated exposure to digital assets,” Burgherr said. “This is also reflected in Sygnum’s growth, with our core business areas seeing significant YTD gains in the first half.”
Crypto Bank Plans EU Expansion Amid Market Recovery
Additionally, Sygnum announced plans to expand its regulated footprint in the European Union. The company aims to open a new office and obtain additional licenses in the first quarter of 2025, positioning itself to conformity with the upcoming Regulation on Cryptocurrency Markets (Not).
“Sygnum has been active in Europe since launch and has been licensed in Luxembourg since 2022, one of the world’s leading fund hubs,” the company said. “In Q1 2025, Sygnum will significantly expand its regulated presence with a new office and licenses in the world’s largest single market.”
In recent years, Sygnum has also placed a strong emphasis on obtaining a license in Singapore. It has announced these plans since 2019. Due to the lengthy regulatory process, it took several years, but last October the digital bank has finally obtained a full license for cryptocurrency brokerage services.
Sygnum also highlighted the growth of its B2B partnerships, which now serve over 20 banks and financial institutions that collectively provide access to cryptocurrency trading to over a third of the Swiss population. The company processes over 1,000 transactions per day through these partnerships, with nearly all transactions executed through direct processing.
The bank’s recent $40 million funding round, which valued the company at $900 million, strengthened its core equity capital to over $125 million. Previously, the company raised $90 million in a Series B funding round.
Sygnum plans to leverage this capital to expand its traditional securities offering and grow its Sygnum Connect network, aimed at enhancing the global cryptocurrency ecosystem.
connectivity .